DATA COMMERCIALISATION :
HOW TO CAPITALISE ON YOUR GREATEST ASSET

Capco and Lloyds Banking Group

Published: 15 October 2018

Data is all around us. It’s ever-growing, and as we know, it’s a powerful commodity, underpinning many of the world’s most successful businesses. With larger-than-ever volumes of data now being captured and stored, coupled with cheaper and improved computer infrastructure and processing power, there has never been a better time to make data commercialisation (also known as ‘data monetisation’) part of the corporate strategy.

Based on our experience and analysis, we know that data commercialisation can be a source of competitive advantage, which can be achieved by:

Analysing the data to create new products or services which enhance the customer relationship

Applying insights to create internal efficiencies

Generating new revenue streams by selling anonymized aggregated data

Reducing the burden of regulatory-driven technology programmes

This paper outlines a conceptual methodology which illustrates where a bank can start with data commercialisation, how to set priorities, how to use data to provide value internally, as well as developing value-added services for its customer and client base, and ultimately how to capitalise on their greatest asset.

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